- Ethereum price analysis is bearish for today.
- New all-time high set at $4,600.
- Bearish momentum is slowly taking over.
Ethereum price analysis is bearish today as bulls are likely exhausted after a strong rally over the last 24 hours. Therefore, we expect ETH/USD to retrace and set a higher low before further upside is seen.
The cryptocurrency market traded in the green over the last 24 hours. Bitcoin gained 0.12 percent, while Ethereum 3.35 percent. Meanwhile, Solana (SOL) is one of the top performers from the major altcoins, with a gain of 13 percent.
Ethereum price movement in the last 24 hours: Ethereum reaches $4,600 in a steady move higher
ETH/USD traded in a range of $4,416.44 – $4,638.45, indicating a moderate amount of volatility over the last 24 hours. Trading volume has increased by 8.7 percent and totals $20 billion. Meanwhile, the total market cap trades around $541.8 billion, resulting in market dominance of 19.66 percent.
ETH/USD 4-hour chart: ETH to retest previous high as support next?
On the 4-hour chart, Ethereum price action shows signs of weakness as a retracement is needed before further upside can be reached later this week.
Ethereum price action has seen steady growth over the past weeks. After approaching the previous high at $4,400 on the 21st of October, a strong rejection was seen.
Bulls were not yet ready to break higher, and consolidation followed above $3,900. On 29th October, ETH/USD pushed higher, reaching a slightly higher high at $4,460 before retracing again.
This time, Ethereum price action set a higher low at $4,200. After some consolidation, a strong push higher began yesterday, leading to new highs tested. Overnight, the bullish momentum continued, leading ETH/USD to a new all-time high set slightly above $4,600.
Ethereum Price Analysis: Conclusion
Ethereum price analysis is bearish for the next 24 hours as a retracement is needed before further upside can be reached. Therefore, we expect ETH/USD to pivot below $4,600 and head to retest previous highs as support.